N26 outlines plans to enter crypto trading market

German neobank N26 has revealed it is planning to enter the crypto and equities trading markets in 2022.

According to Cointelegraph, N26 is planning to sharpen its focus on its European business by introducing new products and services to its customers after it recently exited the US and the UK – two key FinTech markets.

N26 co-CEO Max Tayenthal said that the company is aiming to launch a crypto trading business in 2022 followed by an equities brokerage instead of just ‘putting flags in new markets’.

As of right now, the N26 mobile application doesn’t offer crypto functionality and there has been no upcoming products related to crypto revealed.

N26 had a rough 2021 after the company was slapped with restrictions from BaFin in May due to its anti-money laundering deficiencies. As a punishment, BaFin has underlined that N26 – which accepted 170,000 new clients per month last year – cannot onboard more than 50,000 per month.

However, Tayenthal noted that he expects the punishment to have been lifted by late summer this year.

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